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Outsourcing News: China’s growth picks up

Posted on January 11, 2017

China's outsourcing growth

Philippine-Chinese relations have eased following the forging of relationships between China’s Premier Xi Jinping and Philippine President Rodrigo Duterte, from the easing of tension on the West Philippine/South China Sea, and if this relationship is any indication, it could be seen that there are ways to boost this relationship through the outsourcing of many jobs, particularly in industrial process and manufacturing and business process outsourcing.

China’s Ministry of Commerce has released a statement and studies from its yearly data gathering. IN the first 11 months of the past year, there has been strong overseas demand on its outsourcing capabilities, as China boasts some of the world’s largest resources of manpower.

Growth of China’s Business Process Outsourcing Sector

Businesses have generated an estimated 837 billion yuan during the January – November period, roughly USD 120 billion. This is a 17.5% increase from the previous year, with an also-unprecedented 9.5% increase from the year before. This has been reported to be growing since the outsourcing sector was put in place.

Offshore dealings and contracts are one of its features services, valued at 553 billion yuan. This alone has contributed 17.1% of an increase for the calendar year. Due to its vast manpower, it has become the second largest outsourcing hub after India. Both countries being the two most populous regions in the world has contributed to this, as more affluent citizens speak English as a second language at a professional capacity.

The Chinese State Council has described this sector as a “green industry”, as a boost to employment while dealing with already drawn-in resources. Most contracts come from the United States and the UK, who are the world’s largest outsourcers of talent for their in-house companies.

The future for China’s industry and economy is something to look closer at these next few months, and as such should be taken note of for the future.

Source:

Outsourcing growth picks up, Shanghai Daily